Press release
Aerospace Insulation Market from airframe application to cross 180 kilo tons by 2024
Global aerospace insulation is expected to cross 275 kilo tons till 2024. Rising need of developing lightweight aircrafts along with high demand from commercial and military industries will drive the industry growth over the coming years. Significant increase in air passenger traffic, especially in the developing countries will further boost the product demand. However, uncertainty in raw material availability coupled with recycling challenges may pose a threat to the industry manufacturers.
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Manufacturers are continuously focusing on implementing fire resistant materials and advanced acoustics for enhancement of operational safety. Further, producers are trying to improve their distribution channel to strengthen their position in the industry. Looking forward, manufacturers have increased their production capacity coupled with investment in R&D to cater the rising demand for aerospace insulation globally.
Usage of aerogels including carbon, polymer, or metal oxide is witnessing an emerging trend among the industry players. Benefits such as lightweight, low thermal conductivity, and enhanced safety will contribute significantly towards high deployment, ensuring strong growth to the aerospace insulation market over the forecast timeframe.
Thermal insulation is anticipated to capture almost 70% market share in the next eight years. High revenue generation is attributed to shifting consumer preference towards the product over its counterparts owing to reduced noise level and vibrations during flight hours. Low thermal conductivity that results in enhanced safety is another factor propelling the segment growth. Electric insulation will exhibit over 8% CAGR over the coming years owing to its advantages such as efficient management of composites that are temperature sensitive and avoidance of overheating.
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Ceramic materials will dominate the aerospace insulation market share surpassing USD 2.5 billion over the forecast timeframe. High acceptance of material from military and commercial aircrafts will primarily drive the industry growth. Its usage as heat shields for fire protection and aircraft thermal insulation will support the business growth. High tensile strength, chemical inertness, and high melting temperature are the factors strengthening product penetration till 2024. Fiber glass is poised to grow at over 6.5% till 2024. Rising need to maintain aircraft’s core strength comprising of internal fuselage structure will drive aerospace insulation market. Its usage in electric insulation for the aircraft structure and mechanical support will further escalate the revenue generation.
Aerospace insulation market from commercial aircrafts will exhibit maximum share of over USD 3 billion over the next eight years. Air passenger traffic in Germany is expected to increase from 105 million in 2014 to over 175 million by 2030. Consistently rising local and international air traffic globally will instigate the demand from these aircrafts.
Helicopters is set to grow at over 9% owing to high demand of insulation for noise reduction. Military aircrafts will grow substantially owing to increasing defense budget in various countries. For instance, allocated defense budget in U.S. will cross USD 820 billion by 2018. Fixed wing is anticipated to account for over 80% revenue share over the next eight years. increasing usage for thermal and acoustic insulation will fuel the demand. Further, usage for cabin interiors, weather protection covers, and ancillary ground support equipment will support the revenue generation.
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North America will account for over USD 2 billion till 2024. Increasing air passenger traffic in developed countries has led to a substantial rise in aircraft deliveries, propelling the aerospace insulation market in the region. The region accounted for over 9000 aircraft deliveries in 2016.
BASF SE, Triumph Group, Rogers Corporation, and DuPont are among the prominent players in aerospace insulation market. Other considerable manufacturers include Zodiac Aerospace, Esterline Technologies, Zotefoams, and Evonik Industries. Mergers & acquisitions are certain strategies adopted by the producers to gain a competitive edge. For instance, in October 2013, Triumph Group acquired Chase Corporation due to its vast insulation product line. The acquisition helped the company to expand its product portfolio and customer base.
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